<p>
  Researchers have shown that the historical returns of a mutual fund and the nearness of its net asset value (NAV) to 
  a previous high can provide significant predictive power about the fund's future returns. In respect to the 
  historical returns, some have attributed the persistence to investor herding and macroeconomic variables. When it 
  comes to the NAV, some suggest the outperformance of funds with a NAV near its trailing high is a result of 
  anchoring bias in investors' psychology. As we do not have access to invest in individual mutual funds on the QC 
  platform or access to NAV metrics, in this tutorial, we trade asset management firms and use their respective share 
  price as a proxy for fund performance and NAV.
</p>
